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Valor Resources raises $3 million from high-quality investors

A $2 million amount is from directors and must be approved by shareholders at a yet-to-be-called meeting.
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Valor will drill 4,000 metres at Berenguela in the latest drilling campaign

Valor Resources Ltd (ASX:VAL) (OTCMKTS:VOYRF) has received $3 million in commitments from sophisticated investors in a capital raising led by CPS Capital Group Pty Ltd.

The firm commitments were made at 1 cent a share, with a 1.5 cent option that expires at the end of 2021 attaching to each share.

Valor chairman Mark Sumner said: “I would like to thank our existing shareholders for their support and would like to welcome our newest shareholders to the registry.

“We believe that we are at the beginning of what will prove to be a very exciting period for Valor.”

 

The capital raising at an 11.06% discount to the 15-day volume-weighted average price will add about 300 million new shares to the register of the Perth-based company.

About a third of the raising, or $2 million of the capital, will be from the company’s directors if shareholder approved is gained.

READ: Valor resources metallurgical work validates Berenguela project

To meet the terms of Valor’s Berenguela project acquisition, the company must allocate additional shares to seller SSR Mining Inc to maintain the vendor’s 9.9% voting power in Valor.

The additional shares SSR will be placed under the 15% placement capacity the company has in operation.

READ: Valor resources identifies high-grade copper-silver-manganese at Corona West

CPS will receive 100 million options for its part in the raising at the same 1.5-cent exercise price, also expiring on December 31, 2021.

Valor will soon call a meeting to ask investors to approve its $2 million raising from directors.

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